- US Markets Bracing for Selloff on Dubai Debt Worries
- US Dollar Falls to 14-Year Low Against the Yen
- ING Prices Share Issue at Hefty Discount
- No Thanksgiving Rest for Retailers in Sales Race
- UK's Darling to Downgrade 2009 Growth Forecast
- Tommy Hilfiger's Estate in Conn. Sells for $20 Million
- Cheap Robotic Hamsters Are Holiday's Unlikely Craze
- Fannie Mae to Tighten Lending Standards: Report
- US Companies Already Moving on Curbing Emissions
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- Kuoni CEO Sees Recovery in Travel Sector
- US Markets Bracing for Selloff On Worries About Dubai's Debt
- Gold Retreats from Record High as Dollar Rebounds
- No Thanksgiving Rest for Retailers in Sales Race
- China Unveils Carbon Target Ahead of Copenhagen
- Fannie Mae to Tighten Lending Standards: Report
- Attraction of Switzerland to Businesses
- Dubai Struggles to Ease Debt Fears; Investors Rattled
- Great Britain, No Longer That Great: Investor
Text Size 
Yahoo sought to rally shareholder support for its board of directors and management amid a proxy battle with billionaire Carl Icahn, saying the investor had outlined an "ill-defined plan" for the future of the Internet company.
 |
Paul Sakuma / AP Yahoo!'s headquarters in California. |
Yahoo [YHOO
Loading...
()
] detailed its rationale for rejecting a $47.5 billion takeover offer from Microsoft [MSFT
Loading...
()
] and argued that the software maker's negotiating tactics cast doubt on whether it was ever serious about a full acquisition, according to an investor presentation filed with the U.S. Securities and Exchange Commission.
Icahn is running a slate of directors to replace Yahoo's board and has called for the removal of Yahoo co-founder and Chief Executive Jerry Yang ahead of the company's annual shareholder meeting on Aug. 1.
He has said the company should still offer to sell itself, though Microsoft has said it is no longer interested in a full buyout.
"Icahn misrepresents the manner in which we negotiated with Microsoft," Yahoo said in its investor presentation. "Our board remains the best and most qualified group to maximize value for Yahoo stockholders." The company struck a similar tone in a letter to shareholders last week.
Several major Yahoo investors said on Friday they are not sure whether they will side with Icahn in his proxy fight, including Legg Mason Capital Management [LM
Loading...
()
], its third-largest institutional shareholder.
Earlier this month, Yahoo rejected an alternate Microsoft proposal to buy its search business and a 16 percent stake in the company for $9 billion, plus annual advertising payments.
Instead it reached a nonexclusive pact with larger rival Google [GOOG
Loading...
()
] on search advertising. Yahoo says that deal will add as much as $450 million in operating cash flow within the first year and allow it to build other money-generating partnerships as well.
Yahoo shares fell 1.7 percent to $20.97 on the Nasdaq.
Print
Email
- What you need to know.
- Ever wished your cab driver would stop nattering and just get to where you're going? Well that moment is near(er).
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
Data is a real-time snapshot *Data is delayed at least 15 minutes